Hyundai CEO Jose Munoz stated that the company does not have a specific strategy to counter potential Chinese EV imports in the US, focusing instead on internal improvements and vertical integration. The automaker aims to reduce costs by developing its own technologies and components, such as the $5.8 billion investment in a green steel plant in Louisiana.
Munoz emphasized that Hyundai relies on its hybrid vehicle lineup to maintain market presence in the US, where EV adoption remains below 6 percent. The company recently surpassed Honda to become the second-largest seller of hybrids in the US, trailing only Toyota. Hyundai continues to produce EVs and hybrids at its Georgia Metaplant, supported by a battery joint venture with SK On.
The executive noted that Chinese vehicles in Europe are approximately 30 percent cheaper than local models despite existing import tariffs. While current US regulations and tariffs effectively block Chinese car sales, industry experts anticipate potential shifts if Chinese manufacturers establish local production. Munoz stressed that a level playing field is essential for fair global competition.
